The steel rebar fell below the 4,000 mark, and the steel price turned around and plummeted.

The main iron ore contract futures in the steel market fell directly by more than 4%, coke also fell by nearly 4%, the thread fell by 3% or 145 points, and hot coils and coking coal fell one after another.
The ferrous metals is leading the decline in industrial products today. Most of the non-ferrous sectors are still rising. Crude oil and the Shanghai Stock Exchange are performing well. This shows that it is not the external environment and pressure that squeeze the black market, but from the black itself.
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From a macro perspective, yesterday’s market saw the central bank cut interest rates and provide liquidity support for real estate, which is beneficial to some extent.
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From a fundamental point of view, the market originally lacked confidence in the reduction of inventory, and even expected that Tangshan and other regions would be the first to enter the accumulated inventory, and lack of confidence in the mismatch between supply and demand under the expectation of demand in peak seasons led to a market correction. However, it should be noted that although the spot has also declined, it is still passive, and the magnitude is far less than that of futures. However, due to the increase in the cost of the second round of coke increases and the high temperature reduction of electric furnaces, there is a lack of conditions for a big drop in a short period of time, and a small drop is inevitable.
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